Quarterly Journal of Austrian Economics

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A Realist Approach to Equilibrium

  • The Quarterly Journal of Austrian Economics
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07/30/2014Jörg Guido Hülsmann

 

Volume 3, No. 4 (Winter 2000)

 

The present article offers an entirely realistic account of equilibrium analysis, thus closing a disturbing gap in economic science.  We will argue that human choice involves a dichotomy of success and failure, and  that equilibrium analysis is the method of explaining observed success by contrasting it to counterfactual failure, and observed failure by contrasting it to  counterfactual failure, and observed failure by contrasting it to counterfactual equilibrium analysis within economic science and economic policy, and to discern the problems of applying it.

 

Cite This Article

Hülsmann, Jörg Guido. "A Realist Approach to Equilibrium Analysis."  The Quarterly Journal of Austrian Economics 3, No.4 (Winter 2000): 3-51

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